# In the matter of MCM Pacific PTE Ltd. Vs. Mr. Pankaj Dhanuka Liquidator of Lanco Kondapalli Power Ltd.,Company Appeal (AT)(CH)(Ins) No.416 of 2022

> NCLAT judgment dated 2022-11-28. Citation: TCN-2022-NCLAT-00064. MCM Pacific PTE Ltd., the Appellant, filed a Company Appeal against an order passed by the…

- **Court:** NCLAT
- **Order date:** 28 Nov 2022
- **Citation:** TCN-2022-NCLAT-00064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/mcm-pacific-pte-ltd-vs-mr-pankaj-dhanuka-liquidator-of-lanco-kondapalli-power-lt-1cefea19

## Summary

### Background

MCM Pacific PTE Ltd., the Appellant, filed a Company Appeal against an order passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench) in IA (IBC)/972/2022 in CP (IB) No.678/7/HDB/2018. The Adjudicating Authority had dismissed an Interlocutory Application filed by the Appellant seeking an extension of time to make the balance payment for the purchase of assets of Lanco Kondapalli Power Limited, the Corporate Debtor, under the liquidation process. The Appellant had been declared the successful bidder in an e-auction process for a specific parcel of assets. The Appellant had already made a partial payment but was unable to disburse the remaining amount due to unforeseen circumstances, including the backing out of international investors and

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## Facts

MCM Pacific PTE Ltd. (Appellant) participated in an e-auction process for assets of Lanco Kondapalli Power Limited (Corporate Debtor) under liquidation. The Appellant was declared the successful bidder for 'Category B (Parcel 4) – Assets of Phase III of the Corporate Debtor' with a financial proposal of INR 136,11,30,698. The Liquidator issued a Letter of Intent dated 21.06.2022, requiring payment within 30 days, with a 12% per annum interest on unpaid sums, and full payment within 90 days. The Appellant paid Rs.14,94,23,947/-. Due to unforeseen circumstances, including the backing out of international investors and depreciation of Myanmar currency, the Appellant couldn't disburse the remaining amount. They requested an extension of time, which the Liquidator opposed,

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Appellant's application for an …

**Ratio:** The Insolvency and Bankruptcy Code (IBC), 2016 mandates strict adherence to timelines to

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**Reasoning:** The NCLAT reasoned that the Appellant had defaulted on the terms of the Letter of Intent

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**Interpretation:** The IBC's emphasis on timelines is interpreted as a critical component of the

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**Application:** In this case, the NCLAT applied the ratio to the specific facts, noting that

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## Parties

- **Judges:** M. Venu…; Naresh Sa…
- **Appellants:** MCM Pacific PTE…
- **Respondents:** Lanco Kondapalli…; Pankaj Dh…
- **Advocates:** Elayaraj…; Abhishek S…; +2 more

## Timeline

- **2019-04-23 — Petition Ad…**: The 'Petition' was 'Admitted', by the 'Adjudicating Authority', (National Company Law…
- **2021-04-16 — Liquidation Process…**: By an 'Order dated 16.04.2021, 'Adjudicating Authority', (National Company Law Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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